Commerce Exam Past Questions and Answers | JAMB, WAEC and NECO

Commerce is a structured system for exchanging goods between buyers and sellers. It involves studying the processes and activities related to buying and selling goods and services, particularly on a large scale.

• Question 1: A source of short-term finance to companies is? Options:
  A) share capital
  B) debentures
  C) retained earnings
  D) corperate tax
  Show Answer
  The correct answer is C .
• Question 2: The abbreviation C and F indicate that the? Options:
  A) production cost excludes the cost of carriage
  B) selling price includes the cost of carriage
  C) cost of production includes dilivery charges
  D) cost price includes the cost of carriage
  Show Answer
  The correct answer is B .
• Question 3:

  What are the factors with which commercial undertaking can be distinguish?

  I Size of the undertaking

  II Profits generated

  III Forms of ownership

  IV Location of the undertaking

  Options:
  A) I and II only
  B) I andIII only
  C) II and III only
  D) III and IV only
  Show Answer
  The correct answer is B .
• Question 4: The protection of consumers against exploitation by manufacturers is to ensure? Options:
  A) thaty there are varieties of product
  B) that the right quality of goods and services is sold
  C) increase in production capacity
  D) increase in the level of consumers awareness
  Show Answer
  The correct answer is B .
• Question 5: The business organization established mainly for the purpose of carrying out specific assignment for a specific duration is a Options:
  A) Partnership
  B) Company
  C) Joint venture
  D) Co-operative society
  Show Answer
  The correct answer is C .
• Question 6:

  The difference between a country's imports and exports of goods in a particular year is

  Options:
  A) terms of trade
  B) terms of payment
  C) balance of payment
  D) balance of trade
  Show Answer
  The correct answer is C .
• Question 7: The principle of subrogation stated that Options:
  A) An insured person should be indemnified to the time of the amount insured
  B) An insurance company constant in lace of the insured in dealing with third party.
  C) Only a person who is likely to suffer loss hold take out an insurance cover
  D) There must be accuse connection between the actual loss suffered and risk insure
  Show Answer
  The correct answer is B .
• Question 8: A key advantage of delegation is that Options:
  A) workers are prepared for hgher responsibilites
  B) the manager has less work to do
  C) the manager spends less time on planning
  D) the organization grows larger in size
  Show Answer
  The correct answer is A .
• Question 9: The major procedures in the purchase and sale of goods are enquiry Options:
  A) quotation, order and invoice
  B) placement, order and invoice
  C) bargin, order and invoice
  D) order, sale, and invoice
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  The correct answer is A .
• Question 10: In international trade, exchanging goods for other goods and services purchased instead of paying in foreign currency is known as? Options:
  A) counter trade
  B) balance of trade
  C) balance of payments
  D) terms of trade
  Show Answer
  The correct answer is A .